[jdmartin]

You dudes are fast!

What's interesting about the 2nd one is that of the 20 branches, 12 of them are closing permanently. That's a little different twist, where most of the closings (at least for the short term) all the locations would reopen as "Bank of X".

[eXpat]

Just updating:
$this->bbcode_second_pass_quote('', '(')Reuters) - U.S. regulators closed two banks on Friday, bringing the total number closed in 2011 to 63, but the pace of closures has slowed.

A year ago, 157 banks failed, and there were 140 failures in 2009. The bulk of the failures have increasingly been smaller institutions, with less than $1 billion in assets.

This year's bank failures illustrate the problems facing small community banks, many of which are hard hit by the slow economic recovery.

The Federal Deposit Insurance Corporation (FDIC) said on Friday that the Bank of Shorewood in Shorewood, Illinois, had been closed. It said the banks's three branches would reopen on Saturday as part of Heartland Bank and Trust Company.

The Bank of Shorewood had approximately $110.7 million in total assets and $104.0 million in total deposits as of June 30, 2011.

The FDIC also said that Bank of Whitman in Colfax, Washington, had been closed.

It said eight of the 20 branches of the bank would reopen during their normal business hours beginning on Monday as branches of Columbia State Bank. The deposits of the remaining 12 banks will be transferred to Columbia State Bank, and those branches will not reopen.

As of June 30, 2011, Bank of Whitman had about $548.6 million in total assets and $515.7 million in total deposits.

[eXpat]

better late than never
-The First National Bank of Olathe
http://www.fdic.gov/bank/individual/failed/banklist.html

Regulators close First National Bank of Olathe
$this->bbcode_second_pass_quote('', 'F')irst National Bank of Olathe, Johnson County’s oldest nationally chartered bank, was closed by regulators Friday. Its assets were taken over by Enterprise Bank & Trust of Clayton, Mo.

The closed bank’s six branches will reopen today as branches of Enterprise Bank, the Federal Deposit Insurance Corp. said. Depositors will automatically become Enterprise Bank depositors.

“All the clients’ deposits are safe and secure, and it’s business as usual,” said Linda Hanson, regional president for Enterprise in Kansas City. “Enterprise Bank is very excited to be the acquirer of First National Bank of Olathe. They have a long, rich history in Olathe and we want to build on that.”

First National was the 64th bank to fail nationwide this year and the first local failure. The last area bank to close was Hillcrest Bank in Overland Park in late October 2010.

[eXpat]

This is for today:
-First Choice Bank
-First Southern National Bank
-Lydian Private Bank
http://www.fdic.gov/bank/individual/failed/banklist.html

U.S. closes 3 more banks, 68 so far in 2011
$this->bbcode_second_pass_quote('', 'A')ug 19 (Reuters) - U.S. regulators closed three banks on Friday, bringing the total number of foreclosures this year to 68, as the pace of bank failures slows.

The Federal Deposit Insurance Corporation (FDIC) expects the year-end tally of closures to be below last year's total of 157 banks. In 2009, there were 140 bank failures.

This year's bank failures illustrate the problems facing small community banks, many of which are hard hit by the slow economic recovery.

The FDIC said on Friday that Lydian Private Bank in Palm Beach, Florida, had been closed. It said the bank's five branches would reopen Monday as part of Sabadell United Bank.

The Lydian bank had about $1.70 billion in total assets and $1.24 billion in total deposits as of June 30, 2011.

Increasingly, most of the failures have been smaller institutions, with less than $1 billion in assets -- unlike Lydian.

The FDIC said First Southern National Bank, of Statesboro, Georgia, was also closed on Friday. The bank's sole branch will reopen on Saturday as a branch of Heritage Bank of the South.

As of June 30, 2011, First Southern National Bank had about $164.6 million in assets and $159.7 million in total deposits.

In addition, First Choice Bank of Geneva, Illinois, closed on Friday. The bank's only branch will reopen on Saturday as a part of Inland Bank & Trust.

The FDIC said First Choice Bank had approximate

[jdmartin]

Okie Dokie, here's the Friday night tally - 2 in Gee-or-gee-uh:

http://www.fdic.gov

[eXpat]

And one for today:
-First National Bank of Florida
http://www.fdic.gov/bank/individual/failed/banklist.html
$this->bbcode_second_pass_quote('', 'U').S. regulators closed another bank in Florida, which, with 11 failures, is the second most failure-prone state this year behind Georgia.

The Federal Deposit Insurance Corp. said First National Bank of Florida, based in the city of Milton, was closed Friday by the Office of the Comptroller of the Currency. CharterBank of West Point, Ga., the operating subsidiary of Charter Financial Corp., agreed to take over First National as part of a purchase-and-assumption deal with the FDIC.

According to the FDIC, First National Bank of Florida had about $296.8 million in total assets and $280.1 million in total deposits, with eight branches as of June 30.

In addition to assuming all of the deposits of the failed bank, CharterBank entered into a loss-share transaction on $216.3 million of First National Bank of Florida's assets.

The FDIC estimated that the cost of the failure to the Deposit Insurance Fund would be $46.9 million.

[Keith_McClary]

Why Nobody Went to Jail During the Credit Crisis
$this->bbcode_second_pass_quote('', 'W')illiam Black: Well, I say the both of them were driven by fraud. The Savings & Loan crisis was a tragedy in two parts. First part was not fraud, it was interest rate risk. But the second phase, which was vastly more expensive, was to defraud and the National Commission that looked into the causes of the crisis said that the typical large failure fraud was invariably present. And there were real regulators then. Our agency filed well over 10,000 criminal referrals that resulted in over 1,000 felony convictions and cases designated as nature. And even that understates the grade in which we went after the elite. Because we worked very closely with the FBI and the Justice Department, to prioritize cases—creating the top 100 list of the 100 worst institutions which translated into about 600 or 700 executives—and so the bulk of those thousand felony convictions were the worst fraud, the most elite frauds.

In the current crisis, of course they appointed anti-regulators. And this crisis goes back well before 2007 and of course it is continuing, it does not end at 2009. So the FBI warned in open testimony in the House of Representatives, in September 2004—we are now talking seven years ago—that there was an epidemic of mortgage fraud, their words, and they predicted that it would cause a financial crisis, crisis being their word, if it were not contained. Well no one thinks that it was contained.

All right so you have massive fraud driving this crisis, hyperinflating the bubble, an FBI warning and how many criminal referrals did the same agency do, in this crisis. Remember it did well over 10,000 in the prior crisis. Well the answer is zero.
...
And here I am going to quote from the Mortgage Bankers Association. That is the trade association of the perps and this is their Anti-Fraud Specialist Unit, and they reported this to every member of the Mortgage Bankers Association in 2006. So nobody can claim they did not know. They found three critical things, first they said this kind of loan where you do not do underwriting is, and I am quoting again, “an open invitation to fraudsters.” Second, they said “the best study of this found a 90% fraud incident.” In other words, if you look at 100 liars loans, 90 of them are fraudulent. And third they said, therefore these loans where the euphemism is stated income are Alt-A loans, actually deserve the title that the industry calls the Behind Closed Doors, and that is liars loans. The other thing we know from other studies and investigations, is that it was overwhelmingly lenders and their agents that put the ‘lie’ in liars loans. Now that is obvious when you look at the lies about appraisals, because homeowners cannot inflate appraisals. But lenders can and how they did it was shown in an investigation by then New York Attorney General Cuomo, now Governor, who found that Washington Mutual, which is called WAMU, and is the largest bank failure in the history of the United States, and indeed the history of the world, had a black list of appraisers. But you got on the black list if you were an honest appraiser, and refused to inflate the appraisal.
...
So control fraud is when the person who controls a seemingly legitimate entity, uses it as a weapon to fraud. In the financial sphere, the weapon of choice is accounting. So here are the four ingredients of the recipe that produce a sure thing of record accounting income.

1: Grow like crazy
2: Make preposterously bad loans but at a premium yield.
3: Have extreme leverage. That means you have a ton on debt.
4: Put aside only ridiculously low allowances for future loan losses.

You do those four things, you are mathematically guaranteed to report record, albeit fictional, profits in the short term. You are also guaranteed with modern executive compensation, to make the Senior Executives wealthy, and you are guaranteed, because after all, if you think about those four ingredients, they are the perfect recipe as well for maximizing real losses.

[eXpat]

Today
-Bank of the Commonwealth
-Citizens Bank of Northern California
http://www.fdic.gov/bank/individual/failed/banklist.html

Regulators close Va., Calif. banks; 73 for year
$this->bbcode_second_pass_quote('', 'W')ASHINGTON (AP) — Regulators on Friday closed banks in Virginia and California, lifting to 73 the number of U.S. bank failures this year.

The number of closures has dropped significantly this year as banks have worked their way through the bad debt accumulated in the recession. By this time last year, regulators had shuttered 127 banks.

The Federal Deposit Insurance Corp. seized Bank of the Commonwealth, based in Norfolk, Va., with $985.1 million in assets and $901.8 million in deposits, and Citizens Bank of Northern California, based in Nevada City, Calif., with $288.8 million in assets and $253.1 million in deposits.

Southern Bank and Trust Co., based in Mount Olive, N.C., agreed to assume all the deposits and about $924.3 million of the assets of Bank of the Commonwealth. Tri Counties Bank, based in Chico, Calif., is acquiring the assets and deposits of Citizens Bank of Northern California.

In addition, the FDIC and Southern Bank and Trust agreed to share losses on $798.2 million of Bank of the Commonwealth's loans and other assets.

The failure of Bank of the Commonwealth is expected to cost the deposit insurance fund $268.3 million. That of Citizens Bank of Northern California is expected to cost $37.2 million.

[eXpat]

One to close September
-First International Bank
http://www.fdic.gov/bank/individual/failed/banklist.html

Texas Bank Is Closed; U.S. 2011 Failures at 74
$this->bbcode_second_pass_quote('', 'T')exas regulators closed First International Bank of Plano, bringing the nationwide tally of bank failures to 74 for the year.

The Federal Deposit Insurance Corp. said the bank was shut Friday by the state's Department of Banking. American First National Bank of Houston agreed to take over the failed bank and its seven branches; it agreed to acquire all of the bank's deposits and to buy substantially all of its assets as part of a purchase-and-assumption deal with the FDIC.

[eXpat]

Two today
-Sun Security Bank
-The RiverBank
http://www.fdic.gov/bank/individual/failed/banklist.html

Two Banks Are Closed
$this->bbcode_second_pass_quote('', 'R')egulators on Friday closed a bank in Missouri and another in Minnesota, bringing the nationwide tally of bank failures up to 76 for the year.

Sun Security Bank of Ellington, Mo., was closed by the Missouri Division of Finance, the state's first bank failure of the year. Great Southern Bancorp Inc. of Springfield, Mo., agreed to take over the bank and its 27 branches as part of a purchase-and-assumption deal with the Federal Deposit Insurance Corp.

Minnesota's Department of Commerce separately shuttered Wyoming, Minn.'s RiverBank. Central Bank of Stillwater, Minn., agreed to take over the bank and its six branches. RiverBank is the second FDIC-insured institution to fail in Minnesota this year, following the April closure of Rosemount National Bank.

The average size of banks that fail has mostly shrunk since the financial crisis, but the pace of failures has picked up slightly since this summer. After 26 institutions failed in the first quarter, 22 failed in the second, followed by 26 again in the third.

Sun Security Bank had about $355.9 million in total assets and $290.4 million in total deposits at the end of June. Great Southern Bancorp agreed to assume all of the deposits of the failed bank and essentially all of its assets.

RiverBank had about $417.4 million in total assets and $379.3 million in total deposits at the end of June. Central Bank agreed to assume all of RiverBank's deposits and buy essentially all of its assets.

[jdmartin]

Damn you're fast, expat!

[eXpat]

$this->bbcode_second_pass_quote('jdmartin', 'D')amn you're fast, expat!

[eXpat]

And another four today!
-Community Banks of Colorado
-Community Capital Bank
-Decatur First Bank
-Old Harbor Bank
http://www.fdic.gov/bank/individual/failed/banklist.html

Banks closed in Fla, Ga; 83 have failed in 2011
$this->bbcode_second_pass_quote('', 'W')ASHINGTON (AP) — Regulators on Friday closed two small banks in Georgia and one in Florida, raising to 83 the number of U.S. bank that have failed this year

The number of closures has fallen sharply this year as banks have worked their way through the bad debt accumulated in the recession. By this time last year, regulators had shuttered 139 banks.

The Federal Deposit Insurance Corp. seized Community Capital Bank in Jonesboro, Ga., with $181.2 million in assets and $166.2 million in deposits; Decatur First Bank, based in Decatur, Ga., with $191.5 million in assets and $179.2 million in deposits; and Old Harbor Bank, based in Clearwater, Fla., with $215.9 million in assets and $217.8 million in deposits.

State Bank and Trust Co., based in Macon, Ga., agreed to assume the assets and deposits of Community Capital Bank. Atlanta-based Fidelity Bank agreed to acquire the assets and deposits of Decatur First Bank, while 1st United Bank, based in Boca Raton, Fla., is assuming the assets and deposits of Old Harbor Bank.

In addition, the FDIC and State Bank and Trust agreed to share losses on $141.3 million of Community Capital Bank's loans and other assets. The agency and Fidelity Bank are sharing losses on $111.5 million of Decatur First Bank's assets. The FDIC and 1st United Bank are sharing losses on $155.6 million of Old Harbor Bank's assets.

The failure of Community Capital Bank is expected to cost the deposit insurance fund $62 million. The failure of Decatur First Bank is expected to cost $32.6 million; that of Old Harbor Bank, $39.3 million.

[jdmartin]

Dude, you are crazy fast! The one in Colorado was the biggie, about 1.4 billion in assets and 40 branches. That's one of the bigger ones lately.

[eXpat]

Just one today:
-All American Bank
http://www.fdic.gov/bank/individual/failed/banklist.html

All American Bank in Des Plaines fails; 2011 total at 85
$this->bbcode_second_pass_quote('', 'R')egulators have closed a small bank in Illinois, raising to 85 the number of banks in the U.S. that have failed this year.

The Federal Deposit Insurance Corp. on Friday seized All American Bank of Des Plaines, with one branch, $37.8 million in assets and $33.4 million in deposits. International Bank of Chicago agreed to assume its assets and deposits.

The failure of All American Bank is expected to cost the deposit insurance fund $6.5 million.

[jdmartin]

As I said, running out of swoop-team members . Maybe we should have a thread with largest bankruptcies, certainly MF would be right up there somewhere. Hard to shed a tear of the big guys taking a billion dollar haircut, though.

[jdmartin]

http://www.fdic.gov

2 more today - one in Utah, one in Nebraska. Kinda small ones..

[jdmartin]

An' anudder one today, in Geor-ja too:

http://www.fdic.gov/

[eXpat]

Another 2 last Friday
-Central Progressive Bank
-Polk County Bank
http://www.fdic.gov/bank/individual/failed/banklist.html

Iowa, Louisiana Banks Become 90th US Bank Failures of 2011
$this->bbcode_second_pass_quote('', 'F')irst NBC Bank, New Orleans, Louisiana, Assumes All of the Deposits of Central Progressive Bank, Lacombe, Louisiana . Grinnell State Bank, Grinnell, Iowa, Assumes All of the Deposits of Polk County Bank, Johnston, Iowa.
WASHINGTON, D.C. -- Central Progressive Bank, Lacombe, Louisiana, was closed today by the Louisiana Office of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First NBC Bank, New Orleans, Louisiana, to assume all of the deposits of Central Progressive Bank.

[eXpat]

Slow year so far...